White House, U.S. flag & stock market collage
The Magnificent Seven joined the stock market rally in the aftermath of the 2024 U.S. presidential election. The Dow Jones Industrial Average saw a remarkable gain of 3.6%, or 1,508 points, reaching a new all-time high of 43,729.93. Both the S&P 500 and Nasdaq Composite also rose to record levels, driven by investor optimism and upbeat market reactions to the election results. The S&P 500 rose by 2.4%, adding 102.49 points to close at 4,400.12 while the Nasdaq Composite climbed 3.1% increasing by 482.60 points to close at 16,270.34.
All seven Magnificent Seven stocks closed higher on November 6, 2024, but only Meta and Tesla outperformed the major indices.
- Microsoft (Nasdaq: MSFT) closed at $425.88 ⬆️ +1.36%
- Apple (Nasdaq: AAPL) closed at $226.26 ⬆️ +1.59%
- Nvidia (Nasdaq: NVDA) closed at $148.19 ⬆️ +1.77%
- Amazon (Nasdaq: AMZN) closed at $210.93 ⬆️ +1.85%
- Alphabet (NYSE: GOOGL) closed at $179.77 ⬆️ +1.85%
- Meta Platforms (Nasdaq: META) closed at $592.52 ⬆️ +3.58%
- Tesla (Nasdaq: TSLA) closed at $299.69 ⬆️ +3.87%
President-elect Donald Trump’s policies of tax cuts and deregulation have historically been favorable for Wall Street investors. While Trump and Amazon founder Jeff Bezos are occasionally at odds, Bezons joined a chorus of tech leaders congratulating Trump on his re-election, wishing him “success in leading and uniting the America we all love,” in a social media post. Posting “game, set and match” to celebrate Trump’s election, Tesla founder & CEO Elon Musk had actively campaigned for Trump and is expected to have a voice in shaping Trump’s policies and possibly a role in the Trump administration.
